The crypto market is stirring back to life. Major altcoins are bouncing from recent lows, fueled by a slight dip in Bitcoin (BTC) dominance, which fell by 0.50% today. Two standout performers are Bittensor (TAO) and Ondo (ONDO), both showing strong signs of recovery.
Bittensor (TAO) Fights Back
TAO has surged 7% after weeks of downward pressure. Its daily chart reveals a falling wedge pattern, typically a bullish signal. The token faced sharp rejection from its December 6 high of $744, sliding to a low of $237. This decline tested the wedge’s lower trendline.
But TAO isn’t down for the count. It has rebounded to $420, now challenging resistance at the 50-day moving average (MA) and the wedge’s upper boundary. If TAO breaks through and retests this wedge successfully, the next major resistance sits at $498. A strong move beyond this level could confirm a trend reversal, opening the door for more gains.
The MACD indicator is turning positive, hinting at a potential bullish shift.
Ondo (ONDO) Eyes a Breakout
ONDO is following a similar path. After hitting support near $0.90, it has bounced back to $1.41. Like TAO, ONDO is pressing against the upper resistance of its falling wedge and testing the 50 SMA as support.
A breakout and successful retest could push ONDO toward its next key resistance at $1.64. If momentum holds, $2.14 might be the next stop. This price action aligns with rumors about a potential partnership with Donald Trump’s World Liberty Finance, adding to the buzz.
What’s Next for TAO and ONDO?
Both tokens are showing resilience, hinting at possible trend reversals. Their next moves depend heavily on the broader market. If Ethereum (ETH) continues to recover and Bitcoin dominance drops further, it could fuel breakouts for TAO and ONDO.
For traders, the key is to watch for breakout confirmations. These could signal the next major moves, offering potential gains in an evolving market landscape.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
